Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) has agreed with the New Urban Communities Authority (NUCA) to convert Al Yosr land in Sheikh Zayed from agriculture to urban use.
This move will enhance the value of the land which spans over an area of 300 feddans in western Cairo, the real estate firm said in a statement to the Egyptian Exchange (EGX) on Sunday.
By the fourth quarter of 2019, the land plot, owned by SODIC through its subsidiary Al Yosr for Projects, will be offered for ownership, the statement added.
From January to March, SODIC’s consolidated profits fell by 23.6% to EGP 162.04 million, compared to EGP 212.11 million in the year-ago period.
